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https://help.tallysolutions.com/docs/te9rel51/Tax_International/Botswana/Sales_Inclusive_as_per_Item.htm

Sales Voucher Class - Inclusive of VAT to Override Item Defaults

The VAT inclusive voucher class linked to stock item needs to be used when tax is to be internally calculated without displaying the tax amount in the invoice based on goods selected while recording the entry. The voucher class has to be created by defining the percentage of calculation as 100% for assessable value and enabling the option to override stock item defaults in the sales voucher type. In the stock item master the sales and VAT ledgers must be selected by entering the percentage of calculation for assessable value and VAT. On selecting this voucher class in sales invoice and the item in which the percentages are defined, the calculation of assessable value and VAT happens internally and reflects in VAT Computation report and VAT 002.1 form. Also the calculated amount can be viewed in alteration mode of sales invoice.

Sales Invoice - Voucher Class Inclusive of VAT to Override Item Defaults

Go to Gateway of Tally > Accounts Info. > Voucher Types > Alter > Sales

  1. In the Voucher Type Alteration screen, enter the Name of Class as VAT Incl - Linked to Item.

  1. In the Voucher Type Class screen End of List in Exclude these Groups and Include these Groups columns.

  2. Under Default Accounting Allocations for each Item in Invoice select the Sales ledger with VAT/Tax class - Sales @ 12% and enter the Percentage as 100%. Set Override using Item Default to Yes. This option when set to Yes, the breakup of Assessable value and VAT will be picked from the ledger allocations predefined in the stock item master selected while invoicing.

  3. Under Additional Accounting Entries select End of List.

  1. Accept the Voucher Type Class screen.

  2. Accept the Voucher Type Alteration screen.

Stock Item Master - Ledger Allocations for Voucher Class

Go to Gateway of Tally > Inventory Info. > Stock Items > Alter > Select the required stock item for example Rice

Press F12: Configure and set Specify Default Ledger Allocation for Invoicing to Yes and accept the Stock Item Configuration.

In the Stock Item Alteration screen,

  1. Set the option - Set/Modify Default Ledger for Invoicing to Yes to display the Stock Defaults screen.

  1. Under Default Accounting Allocations for Sales Invoice section of Stock Defaults select:

  2. Select the Sales ledger with VAT/Tax class - Sales @ 12% and enter the Percentage as 89.29%.

  3. Select Output VAT ledger with VAT/Tax class - Output VAT @ 12%. The percentage gets displayed as 10.71%

Note:  The percentage is calculated for Sales @ 12% as 100/112*100 = 89.29 and output VAT @ 12% as 100/112*12 = 10.71 (or 100 - 89.29 = 10.71).

  1. Accept the Stock Defaults screen and the Stock Item Alteration screen.

Supplies using VAT Inclusive Voucher Class

Go to Gateway of Tally > Accounting Vouchers > F8: Sales > Select the Voucher Type as Sales

  1. Select VAT Inclusive from Voucher Class List

  1. Select the party ledger in the Party’s A/c Name field.

  2. In the Party Details screen, enter/modify the required details.

  3. Select the stock item for which default ledger allocation is defined for example Rice. Enter the Quantity and Rate. The amount is automatically displayed in the Amount field.

  4. The field Show Statutory Details will be set to No. The output VAT will be internally calculated hence it will not reflect in Statutory Details screen. The output VAT will be displayed in VAT Computation report.

  1. Press Y or Enter to accept and save.

Note: In the alteration mode of VAT inclusive Sales invoice the breakup of assessable value and VAT can be viewed when the option - Use Common Ledger A/c for Item Allocation is set to No in F12: Sales invoice configuration.

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